The RBA left the cash rate on hold at 4.10% at today's Board meeting. Economists at TD Securities analyze the AUD outlook.
0.66 to be firm support heading into US NFP
It is tough to be an AUD bull these days and today's pause makes an even harder case to buy the AUD.
We expect AUD/USD to face strong support at 0.66 before NFP.
We expect payrolls to remain above-trend, registering a firm 240K gain (cons. 225K) which should keep the USD well-supported. A much larger surprise may prove to be the fatal blow for AUD/USD to break below 0.66, revisiting first the YTD low of 0.65.
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